I'm struggling to find a connection between the higher withdrawal ratio and the price of steem. The price has been relatively stable this week. With a higher level of withdrawals I would expect a lower price. All I can think is that your report doesn't include the trading on the exchanges outside of the Steemit platform. There must be buyers there making up the difference.
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Yes, I've mentioned that in previous reports, but it might be good to reiterate it regularly. Over the counter trades are not represented here at all. That said, it's also possible people are moving large amounts of STEEM to exchanges but not executing trades to people who want to power up. That would be a silly strategy, IMO, because STEEM loses value over time. It's also possible the price is being kept up by people who have deep pockets and aren't willing to see it go down, so they buy up whatever is out there to support the price. It might be really interesting to compare this data with the order book data of the various exchanges involved and see where all that value is actually going, if it's sitting on exchanges and what's happening as far as the sell/buy activity. Or maybe to see who is powering up their money, instead of just moving it back to Steemit as SBD.
It's also possible I'm just doing something wrong with how I'm collecting this data. So far, after three weeks, I haven't had anyone suggest it's not accurate though.
No trades are represented here really, and that's part of the problem in trying to attach an interpretation. If (exchange) customer A moves the coins to the exchange, you really can't tell whether customer A is holding them there, or customer A has sold them to customer B (or C, etc.) who is holding them there.
That's true. In the first report I spent a lot of time explaining my assumptions regarding this data and haven't bothered to repeat those assumptions with each report. I'd love to see your comments there in case I made some bad assumptions. To me, given the incentives to keep value in the Steemit ecosystem (10% returns on SBD held in your own account, share dilution protection via Steem Power, and inflation penalties of holding STEEM), transferring money to an exchange (IMO), is a very strong signal of an intent to cash out of a Steemit related token of value into some other token of value. If a customer on an exchange buys those tokens and doesn't take them back out of the exchange it's also an indication that customer is interested in market speculation of STEEM and SBD and not holding that value long term. Again, these are my assumptions and I explained them in detail a few weeks ago. Do you think it would be helpful to reference them with each report or do you think the data is too misleading and/or the assumptions are incorrect?
I added an "Assumptions" section linking back to my first post. Thanks @smooth!
Can you add information about exchange wallets including balance and variation over the period? The difference between deposits and withdrawals should match perfectly the variation of the exchange balance. If it doesn't, look at whether exchanges are converting SBD into STEEM.
Ah, interesting question. Yeah, that might be worth adding. Check out the summary which breaks down the exchange transfer activity for each day in SBD, STEEM, and USD as separate interactive reports.